CDBA(LEGAL) - SALE, LEASE, OR EXCHANGE OF SCHOOL-OWNED PROPERTY: REVENUE BONDS FROM PROCEEDS

A board may sell real property owned by the district and issue revenue bonds payable from the proceeds of the sale in accordance with applicable state law. Education Code 45.081–.084 [See CCA]

Procedures

These revenue bonds shall be issued in accordance with the Public Security Procedures Act. Gov't Code Ch. 1201

Refunding Bonds

The board may issue refunding bonds for these revenue bonds in accordance with Government Code Chapter 1207. Education Code 45.085(h)

Maximum Interest

The maximum rate of interest for these revenue bonds shall be a net effective interest rate of 15 percent. Gov't Code 1204.006

Junior College Branch Campus

Bonds payable from revenue and issued by the board to finance the purchase of land or the construction of a facility to be used for a junior college branch campus, center, or extension facility authorized under Education Code 130.251 may be secured by a trust indenture, a deed of trust, or a mortgage granting a security interest in the applicable land or facility. Education Code 130.252

Crosbyton CISD

CDBA(LEGAL)-P

UPDATE 98

DATE ISSUED: 10/8/2013